Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,615/mo
Lowest payment- Down payment
- $186,192
- Funds due
- $205,329
- Interest + MI left
- $255,839
- First ends
- Nov 2051
Assumption
Assumption + second
$4,357/mo
+$741/mo- Down payment
- $85,192
- Funds due
- $105,624
- Interest + MI left
- $421,635
- First ends
- Nov 2051
New loan
New conventional
$5,998/mo
+$2,382/mo- Down payment
- $85,192
- Funds due
- $99,575
- Interest + MI left
- $1,159,731
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $663,708 | $663,708 | $764,708 |
| Second mortgage | — | $101,000 | — |
| First P&I | $3,065.15 | $3,065.15 | $5,294.68 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $152.94 |
| Taxes, insurance & HOA | $550.33 | $550.33 | $550.33 |
| Total housing payment | $3,615.49 | $4,356.59 | $5,997.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,192
Closing costs & prepaids$20,431
Usable credit−$0
Total buyer cash needed$105,624
Earnest money paid−$0
Remaining funds due$105,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,318.54
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$731.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$100.37
Prepaid interest, second (2 days)$44.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yrOf the original 30-year loan at 2.760%
Interest already paid$97,771Through Nov 2026
Assumption only · ends Nov 2051$255,839
Assumption + second · ends Nov 2051, second Dec 2056$421,635
New conventional · ends Dec 2056$1,159,731